Actual Results$ 185,10053,000 pounds @ $7.20 per pound14,700 hours @ $16.60 per hour7,500 unitsA manufactured product has the following information for June.Direct materialsDirect laborOverheadUnits manufacturedStandard Quantity and Cost7 pounds @ $7 per pound2 DLH @ $16 per DLH2 DLH @ $12 per DLHStandard CostCompute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance byselecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.)AQ = Actual QuantitySQ = Standard QuantityAPActual PriceSP=Standard PriceActual Cost6A$0690

Name: Actual Results$ 185,10053,000 pounds @ $7.20 per pound14,700 hours @
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Description: Actual Results$ 185,10053,000 pounds @ $7.20 per pound14,700 hours @ $16.60 per hour7,500 unitsA manufactured product has the following information for June.Direct materialsDirect laborOverheadUnits manufacturedStandard Quantity and Cost7 pounds @ $

Direct material variance is the difference between standard direct material cost for actual…

Business

Accounting

A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 7 pounds @ $7 per pound 2 DLH @ $16 per DLH 2 DLH @ $12 per DLH Actual Results $ 185,100 53,000 pounds @ $7.20 per pound 14,700 hours @ $16.60 per hour 7,500 units Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) AQ Actual Quantity Standard Quantity SQ AP Actual Price SP Standard Price Actual Cost $ 0 $ 0 0 $ 0 Standard Cost

A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 7 pounds @ $7 per pound 2 DLH @ $16 per DLH 2 DLH @ $12 per DLH Actual Results $ 185,100 53,000 pounds @ $7.20 per pound 14,700 hours @ $16.60 per hour 7,500 units Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) AQ Actual Quantity Standard Quantity SQ AP Actual Price SP Standard Price Actual Cost $ 0 $ 0 0 $ 0 Standard Cost

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following labor standards have been established for a particular product: Standard labor-hours per unit of output. Standard labor rate 4.0 hours S12.30 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked Actual total labor cost.... Actual butput. 7,100 hours S89,105 1,500 units What is the labor efficiency (quantity) variance for the month? Enter a favorable variance as a positive number; an unfavorable variance as a negative number. ENTER YOUR ANSWER WITHOUT DOLLAR SIGNS OR OTHER DESCRIPTIONS.
Required information [The following information applies to the questions displayed below.) A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured (1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for June production. (3) Compute total actual cost for June production. (4) Compute total cost variance for June. Standard Quantity and Cost 6 pounds @ $8 per pound. 3 DLH@ $16 per DLH 3 DLH @ $13 per DLH Required 1 Complete this question by entering your answers in the tabs below. Required 4 Prepare the standard cost card showing standard cost per unit. Required 2 Direct materials Direct labor Overhead Total Required 3 Actual Results 44,300 pounds @ $8.10 per pound 21,500 hours @ $16.50 per hour $ 291, 200 7,300 units
A manufactured product has the following information for June. Standard Quantity and Coat 7 pounds 3 DLH 58 per pound 3 DLH Direct materials Direct labor Overhead Unita manufactured AH Actual Hours SH Standard Hours AR Actual Rate. SR Standard Rate $16 per DLH $11 per DL Actual Cost Actual Resulta 50,900 pounds 21,200 hours $ 243,000 7,200 unita Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour answers to 2 decimal places.) $8.20 per pound $16.60 per hour Standard Cost
Calculate VariancesThe following summary data relate to the operations of Randolph Company for July, during which 4,500 finished units were produced: Standard Units Costs Total Actual Costs Direct material Standard (0.6 lb. @ $13.00/lb.) $7.80 Actual (3,000 lb. @ $13.30/lb.) $39,900 Direct labor Standard (0.8 hr. @ $16.80/hr.) $13.44 Actual (3,800 hrs. @ $16.40/hr.) 62,320 Variable overhead Standard (0.8 hr. @ $11.50/hr.) $9.20 Actual - 46,100 Total $30.44 $148,320 Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable. Materials Variances Actual cost: Answer Split cost: Answer Standard cost: Answer Materials price Answer Answer Materials efficiency Answer Answer Labor Variances Actual cost: Answer Split cost:…
The following materials standards have been established for a particular product: Standard quantity per unit: 6.2 feet $ Stand price per foot: 13.60 The following data pertain to operations concerning the product for the last month: Actual materials purchased: 1,000 feet Actual cost of materials purchased: $ 13,300.00 Actual materials used in production: 400 feet Actual output: 60 units What is the materials price variance for the month? What is the materials quantity variance for the month?
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A manufactured product has the following information for June. Standard Quantity and Cost Actual Results Direct materials 6 pounds @ $8 per pound 45,500 pounds @ $8.20 per pound Direct labor 2 DLH @ $15 per DLH 14,600 hours @ $15.60 per hour Overhead 2 DLH @ $12 per DLH $ 186,100 Units manufactured 7,500 units Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.)AH = Actual HoursSH = Standard HoursAR = Actual RateSR = Standard Rate
Use this information to answer the question that follow. The following data relate to direct materials costs for February: Materials cost per yard: standard, $1.99; actual, $2.04 Standard yards per unit: standard, 4.70 yards; actual, 5.10 yards Units of production: 9,500 Calculate the direct materials quantity variance. a. $7,562.00 favorable b. $7,562.00 unfavorable c. $7,752.00 favorable d. $7,752.00 unfavorable
The following data relate to direct materials costs for February: Materials cost per yard: standard, $1.91; actual, $2.03 Yards per unit: standard, 4.64 yards; actual, 5.14 yards Units of production: 9,300 The direct materials price variance is O a. $5,736.24 unfavorable O b. $1,116.00 unfavorable O c. $5,736.24 favorable O d. $5,178.24 favorable 4:
Tharaldson Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Standard Quantity or Hours 6.5 ounces 0.2 hours 0.2 hours The company reported the following results concerning this product in June. Originally budgeted output Actual output Raw materials used in production Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost The labor rate variance for June is: Standard Price or Rate $ 2.00 per ounce $23.00 per hour $ 6.00 per hour 2,700 units 2,800 units 19,380 ounces 21,400 ounces 500 hours $ 40,660 $ 12,050 $ 3,100 Standard Cost Per Unit $ 13.00 $ 4.60 $ 1.20 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.
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Required: 1. For direct materials: a. Compute the actual cost per foot of materials for March. b. Compute the price variance and the spending variance. 2. For direct labor: a. Compute the standard direct labor rate per hour. b. Compute the standard hours allowed for the month’s production. c. Compute the standard hours allowed per unit of product.